Catenaa, Friday, November 22, 2024-Gary Gensler, chairman of the Securities and Exchange Commission, announced he will step down on January 20, coinciding with President-elect Donald Trump’s inauguration. Gensler, known for his aggressive enforcement of cryptocurrency regulations, has clashed with Trump over contrasting views on the industry.
Under Gensler, the SEC led a record 46 enforcement actions against crypto firms, including FTX and Binance, but Trump’s administration is expected to ease regulations. Cryptocurrencies, including Bitcoin, surged in value following Trump’s election win, with Bitcoin reaching $98,000. Trump has pledged to make the U.S. “the crypto capital of the planet” and may appoint a dedicated crypto advisor.
Beyond crypto, Gensler implemented reforms to strengthen financial markets and streamline trade settlements, though efforts on climate disclosure regulations stalled. His resignation marks a significant shift in the SEC’s regulatory approach under Trump’s pro-crypto leadership.
